In order to be eligible for the FHA Reverse Mortgage for Home Purchase Program, a client must be at least 62 years old.  If there is more than one person on title, the calculations are based on the age of the youngest.  The earliest that a potential client can apply for the program is, from a practical standpoint, 61 years and 10 months allowing for a 60 day closing.  I have closed more than one Revers Mortgage loan on a client's 62nd birthday!

Here is the actuarial life expectancy table that the Government uses that is built into the HECM formula:

Client's age     Expected Maturity         Approximate Down Payment % ($250,000 selling price)

62                          21 years                        47% or $117,500

63                          20 years

64                          19 years

65 & 66                   18 years                       44% or $110,000

67                          17 years

68 & 69                   16 years

70                          15 years                       40% or $100,000

71                          14 years

72 & 73                   13 years

74 & 75                   12 years                       37% or $92,500

76                          11 years

77 & 78                   10 years

79 & 80                    9 years                        33% or $82,500

81 & 82                    8 years

83 & 84                    7 years

85, 86 & 87              6 years

88, 89 & 90              5 years                        29% or $72,500

With all other things being equal, the older a person is, the more funds that he or she is eligible for and therefore less money needed for a down payment.  In order for you to determine the approximate down payment requirements for different valued properties and ages, click on our Down Payment Approximator @ http://www.tinyurl.com/32rxg28.